PRESS DIGEST-Canada

Bloomberg
TikTok places ByteDance founder among China moguls in Singapore
Among the facts TikTok’s lawsuit against the US government surfaced: billionaire ByteDance founder Zhang Yiming is living in Singapore while keeping Chinese citizenship.
Reuters Videos
Huawei's new phone uses more China-made chips
STORY: An exclusive report for Reuters has found Huawei’s latest high-end phone features more Chinese suppliers than ever before. This includes a new flash memory storage chip and an improved processor, highlighting the progress China is making towards technological self-sufficiency. Online tech repair company iFixit and consultancy TechSearch International scrutinised the inside of Huawei’s Pura 70 Pro on behalf of Reuters. They found parts including a memory chip they said was likely packaged by the Chinese giant's in-house chip unit HiSilicon. These findings have not been previously reported, and Huawei declined to comment.Some memory chips for earlier models had been made by South Korea’s SK Hynix.Now Huawei’s resurgence in the high-end smartphone market after four years of U.S. sanctions is being watched closely as it has become a symbol of U.S.-China trade tensions. Huawei launched the Pura 70’s four smartphone models in April, and they quickly sold out.Analysts say it will likely take more market share from iPhone maker Apple, leaving Washington to question the efficacy of its curbs on the Chinese telecoms equipment giant.
AFP News
Global car giants seek tech allies in China's cutthroat EV market
Struggling foreign automakers in China are looking for help from local tech giants to try to stay competitive in the world's biggest electric car market, where shiny smart screens, assisted driving and sophisticated map technology are in high demand.One major reason why foreign automakers are seeking partnerships with local tech firms is to benefit from their innovation, which Chinese automaking executives have attributed to the cutthroat competition in the industry.
AFP News
BMW says EU probe into China EV subsidies against free trade
The chief executive of German luxury carmaker BMW on Wednesday warned the European Union's investigation into Chinese electric car subsidies runs counter to free trade.Oliver Zipse -- CEO of BMW, which has major investments in China, the world's biggest car market -- said that the Munich-based group "always strives for free trade".
Fortune
BYD reiterates that it has no plans to sell in the ‘very protective’ U.S.—but hopes that things might get ‘back to normal’ after the election
BYD Americas CEO Stella Li said the U.S. EV market was in a "confusing stage," citing policy uncertainty and slowing consumer adoption.
Reuters
Exclusive-India projects biggest power shortfall in 14 years in June
India is projecting its biggest power shortfall in 14 years in June after a slump in hydropower generation, its government told Reuters, and is racing to avoid outages by deferring planned plant maintenance and re-opening idled units. The deficit also follows delays, a government source said, in the commissioning of 3.6 gigawatts (GW) of new coal-fired plants which had been targeted to be operational before March. A peak shortage of 14 GW is forecast in June during nighttime hours, when solar capacity is offline, the Central Electricity Authority, the country's planning body for the power sector, told Reuters in a statement.
The Independent
Uniqlo’s viral $20 bag is being named the ‘Millennial Birkin’
‘Legit just went and ordered straight away,’ a TikTok fan says
Reuters
China issues draft rules to regulate booming lithium battery expansion
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit industry profits and sparked concerns about overcapacity in international market. Rapid expansion of production capacity along the lithium battery supply chain has led to a plunge in prices for products including battery and raw materials, hitting companies' profits in the world's biggest market. U.S. Treasury Secretary Janet Yellen said during her trip to China last month that China is flooding global markets with cheap goods, particularly in the clean energy industries.
Reuters
Shell's Singapore refinery sale and its market significance
Oil giant Shell said on Wednesday that it has agreed to sell its Bukom refinery in Singapore - one of the world's largest oil refining and trading centres - to a joint venture of Indonesian chemicals firm PT Chandra Asri and global trading house Glencore, culminating a process that began last year. WHY IS SHELL SELLING ITS SINGAPORE "CROWN JEWEL" REFINERY?
Reuters SG
CORRECTED-EXPLAINER-Shell's Singapore refinery sale and its market significance
Oil giant Shell said on Wednesday that it has agreed to sell its Bukom refinery in Singapore - one of the world's largest oil refining and trading centres - to a joint venture of Indonesian chemicals firm PT Chandra Asri and global trading house Glencore, culminating a process that began last year. WHY IS SHELL SELLING ITS SINGAPORE "CROWN JEWEL" REFINERY?
Associated Press
Japanese automaker Nissan reports 92% jump in profit as sales surge
Nissan’s profit for the fiscal year through March jumped 92% to 426.6 billion yen ($2.7 billion) as sales grew in all major global markets except China, the Japanese automaker said Thursday. Annual sales surged nearly 20% to 12.7 trillion yen ($81.5 billion), Nissan Motor Co. said. For the January-March quarter, profit at Nissan, based in the port city of Yokohama, edged down slightly to 101.3 billion yen ($650 million) from 106.9 billion yen.
Benzinga
Warren Buffett Paid $1.7 Billion For A Business Without Ever Meeting Its Founders By Using The 'Most Important' Thing in Business
Warren Buffett is known for his astute business practices and hardball negotiation tactics. His company, Berkshire Hathaway Inc., is one of the largest conglomerates and investment companies in the world. It has acquired dozens of companies over the years with over 75 wholly owned or controlled subsidiaries. It owns shares valued at billions of dollars in companies like Apple Inc., Amazon.com Inc., Mastercard Inc. and others. Buffett amassed his incredible portfolio and his company’s nearly $1 t
GOBankingRates
Robert Kiyosaki: What Personal Cash Flow Looks Like for the Rich
Robert Kiyosaki, best known for his "Rich Dad, Poor Dad" book series, offers personal finance lessons that challenge conventional advice about saving money, investing for the long term and...
Reuters SG
Singapore's MAS asks DBS to identify reasons for disruptions, The Strait Times reports
Singapore's central bank is following up with DBS Bank, the banking arm of DBS Group, to identify the root cause of recent disruptions to its internet banking and payment services and address it effectively, The Strait Times reported. Last week, DBS Group said its online and mobile banking services had returned to normal after suffering issues for more than an hour on May 2. The disruptions came just two days after the Monetary Authority of Singapore (MAS) ended DBS's six-month ban from acquiring new businesses or making non-essential IT changes after the company addressed problems that had disrupted its digital banking services in 2023.
Benzinga
Can You Guess What Percentage Of A High-Net-Worth Individual's Portfolio Is Typically Held In Retirement Accounts?
High net worth individuals (HNWIs) are those who have at least $1 million in easily convertible assets like cash, stocks, and bonds. They often manage significant wealth across diverse portfolios. As per Empower’s financial dashboard, retirement accounts such as 401(k) plans and IRAs comprise 55% of total wealth for many HNWIs. This is a stark contrast to the median household. Pew Research Center reports that these accounts typically represent only 27% of the net worth of households where at lea
The Telegraph
Barrister who advised Post Office says it defended Horizon IT with ‘religious panic’
A barrister who advised the Post Office has told the inquiry into its IT system scandal that staff there defended Horizon with “an almost religious panic” and has claimed information was deliberately withheld from him.
Reuters
Oil edges up to one-week high on rising demand hopes after China, US data
NEW YORK (Reuters) -Oil prices edged up to a one-week high on Thursday on data from China and the U.S. signaling demand in the world's two biggest crude-consuming nations could climb. "However, if Iran becomes emboldened by the U.S. stance and jumps back into the fray after keeping (a) low profile for weeks, then the market could rally back to multi-month highs," Yawger added.
Benzinga
Google Stares Down Largest Tech Antitrust Ruling In 2 Decades — Is AT&T-Style Breakup Next?
Closing arguments for the largest antitrust trial to date against Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), also known as Google, wrapped up last week. Now, it's up to Judge Amit Mehta to decide on a ruling that could change the fate of the company and others in the big tech space. Mehta, of the U.S. District Court for the District of Columbia, is expected to come up with a decision before the end of the year. The case was put forth by the Justice Department in 2020, together with attorneys gen
Reuters
Toyota posts blockbuster Q4 earnings, forecasts 20% drop in FY profit as investment weighs
TOKYO (Reuters) -Toyota Motor forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy after it delivered blockbuster fourth-quarter earnings. While Toyota has been boosted by a weaker yen, it has also been a big beneficiary of cooling demand for electric vehicles in some markets, such as the United States, where more customers are embracing petrol-electric hybrids, Toyota's traditional strength. Toyota expects operating income to total 4.3 trillion yen in the year to March 2025, a 20% decline, as it invests in "human capital" - including providing support for labour costs at suppliers and dealers - as well as in its multi-pathway strategy.
WSJ
Homeless or Overhoused: Boomers Are Stuck at Both Ends of the Housing Spectrum
Older baby boomers aren’t moving out of their homes, while younger boomers reaching retirement now are increasingly facing homelessness. We break down this trend and explain its impact. Photos: Joe Buglewicz and Bryan Cereijo for WSJ

Straits Times Index

Nikkei

Hang Seng

FTSE 100

Bitcoin USD

CMC Crypto 200

S&P 500

Dow

Nasdaq

Gold

Crude Oil

10-Yr Bond

FTSE Bursa Malaysia

Jakarta Composite Index

PSE Index

PRESS DIGEST-Canada - April 26

Latest stories

TikTok places ByteDance founder among China moguls in Singapore

Huawei's new phone uses more China-made chips

Global car giants seek tech allies in China's cutthroat EV market

BMW says EU probe into China EV subsidies against free trade

BYD reiterates that it has no plans to sell in the ‘very protective’ U.S.—but hopes that things might get ‘back to normal’ after the election

Exclusive-India projects biggest power shortfall in 14 years in June

Uniqlo’s viral $20 bag is being named the ‘Millennial Birkin’

China issues draft rules to regulate booming lithium battery expansion

Shell's Singapore refinery sale and its market significance

CORRECTED-EXPLAINER-Shell's Singapore refinery sale and its market significance

Japanese automaker Nissan reports 92% jump in profit as sales surge

Warren Buffett Paid $1.7 Billion For A Business Without Ever Meeting Its Founders By Using The 'Most Important' Thing in Business

Robert Kiyosaki: What Personal Cash Flow Looks Like for the Rich

Singapore's MAS asks DBS to identify reasons for disruptions, The Strait Times reports

Can You Guess What Percentage Of A High-Net-Worth Individual's Portfolio Is Typically Held In Retirement Accounts?

Barrister who advised Post Office says it defended Horizon IT with ‘religious panic’

Oil edges up to one-week high on rising demand hopes after China, US data

Google Stares Down Largest Tech Antitrust Ruling In 2 Decades — Is AT&T-Style Breakup Next?

Toyota posts blockbuster Q4 earnings, forecasts 20% drop in FY profit as investment weighs

Homeless or Overhoused: Boomers Are Stuck at Both Ends of the Housing Spectrum